IPO (Initial Public Offering)

An IPO is the first time a private company sells its shares to the public on a stock exchange. For a venture fund, an IPO doesn’t mean you get paid right away. The fund may have to wait out a lockup period before it can sell, and it may give you shares instead of cash.

Source: SEC, Initial Public Offerings and Lockup Agreements, https://www.sec.gov/answers/lockup.htm